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Iran’s Oil Exports Rise

Iran’s crude oil exports have risen in April following softer sales last month, helped by a framework nuclear agreement between Tehran and world powers and the possibility that Western sanctions could be lifted soon.

One source, who tracks tanker movements, said Iran’s crude oil exports have risen by around 500,000 bpd in April to 1.18 mbpd, helped by firmer sales to India, which bought no Iranian crude last month, Reuters reported.

“It’s the exports to Japan and India, which have meant slightly higher Iranian exports in April even though China took slightly less,” the source said.

The source said India, Iran’s second-largest client after China, was estimated to have bought four cargoes of crude in April totalling around 4.7 million barrels. Japan was estimated to have bought three cargoes in April, rising from two shipments in March.

A second tanker-tracking source said Iran’s exports in April rose by 450,000 bpd from March’s unusually low level, towards 1.3 mbpd.